Ethereum (ETH) Network Growth Surging in 2020 Is a Highly Optimistic Indicator
By Joseph Young
The growth rate of the Ethereum (ETH) network is rising noticeably despite the substantial decline in ETH price in the last several weeks. It indicates that the long-term outlook of Ethereum remains highly positive.
Since January 2020, Santiment’s Ethereum addresses chart shows an increase from 40,000 to over 70,000 within four months, suggesting that more users are utilizing the Ethereum blockchain network.
The growth rate of the Ethereum (ETH) network is rising noticeably despite the substantial decline in ETH price in the last several weeks. It indicates that the long-term outlook of Ethereum remains highly positive.
Since January 2020, Santiment’s Ethereum addresses chart shows an increase from 40,000 to over 70,000 within four months, suggesting that more users are utilizing the Ethereum blockchain network.
Address growth is often an important fundamental factor
For any blockchain network, unique address growth is a crucial fundamental factor for medium to long-term growth.
High-profile investors in the likes of Brian Kelly, CEO of BKCM, have consistently used the statistic to predict the price trend of major cryptocurrencies including Ethereum and Bitcoin.
Researchers at Santiment said:
“This is a key indicator of Ethereum's long-term potential continuing to look promising. Network growth shows the number of new addresses being created on the project's respective network each day. Essentially, this chart illustrates user adoption over time, and can be used to identify when the project is gaining or losing traction.”
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